Egypt economic growth this year seen quicker than government forecast – Reuters poll – Reuters

Egypt economic growth this year seen quicker than government forecast – Reuters poll – Reuters

CAIRO, Jan 25 (Reuters) - Egypt's economy will grow 4.8% in the current fiscal year, faster than predicted by the government, but will not meet government targets over the medium term, a Reuters poll showed on Wednesday.

The predictions follow the approval last month of a $3 billion financial rescue package from the International Monetary Fund, sought after the war in Ukraine hit tourism, raised commodity prices and prompted foreign investors to pull about $20 billion out of Egypt's financial markets.

Median forecasts in the Jan. 9-24 Reuters poll of 18 economists for the fiscal year ending on June 30 were above the 4.0% growth the government predicted in a Nov. 30 letter of intent to the IMF.